As usual there was great excitement about the gross amount spent in the summer
transfer window by individual clubs in the Premier League and by the league
as a whole.

On its own, as a measure of financial strength it is irrelevant. If a club
buys £50 million worth of players but sells players for £60 million, it has
effectively spent less than another club that buys £5 million worth of
players and sells players for £5 million. The net outlay is the significant
number. Imagine if, in January, Manchester United sell their entire squad to
Chelsea for £250 million